convert or not convert

Hi everyone,

Convert or not convert those IBR shares into TMR that is the question.

I have been thinking about for a while and come to the conclusion that it would be better to convert now at this stage of the process.
The biggest blame for this whole takeover can only be put towards the management of IBR who imho have just not been up for the task to get the Armenian mining assets in production.
By now we should have been pouring gold and been in production but no, nothing seems to be happening except for mining the ore and stockpiling it.
Too many delays and now we pay the price as always is the case with underperforming companies and the low share price that comes with it.

I have send my IBR holdings off to be converted to TMR.
Never thought the story would end this way , as I had some very high hopes for IBR, it was like an investors dream imho.

Hardly any script on offer , an existing goldmine with heaps of gold and all infrastructure at place and a nice resource with plenty exploration potential.

Nothing was wrong with that resource in Armenia or Portugal, but we had a management team running the show who where just not up for it.

They should have been producing first gold by now but no, they just could not get the project up and running. And as always the case in such scenario the takeover happened.

To be honest with you , I am glad we are now going to be under new management and looking at our new man , Hugh Callaghan, we should be in much better hands.

At least we have now a man with some good mining history and who knows how to get a company up and running.

I am sure he will follow the same path with IBR and will bring the Armenian mine into production asap.

Good luck to all holders, but study the history of Hugh Callaghan and you will see that IBR is going to be in probably much better hands from now on.

jojo